NPORT-EX 2 NPORT_2QA8_49006966_0724.htm

Schedule of Investments (unaudited) BlackRock Ultra Short-Term Bond ETF

July 31, 2024 (Percentages shown are based on Net Assets)

 

Security   

Par

(000

)   Value 
           
Asset-Backed Securities          
           
American Express Credit Account Master Trust,          
Class A, 4.95%, 10/15/27  $14,709   $14,709,579 
BMW Vehicle Lease Trust          
5.75%, 07/27/26,          
(30-day Avg SOFR + 0.400%)(a)   6,670    6,673,305 
5.95%, 08/25/25   9,225    9,233,949 
BMW Vehicle Owner Trust, 5.69%, 02/25/27,          
(30-day Avg SOFR + 0.340%)(a)   7,241    7,240,996 
CarMax Auto Owner Trust          
5.23%, 01/15/26   3,157    3,155,055 
5.34%, 12/15/25   399    398,803 
5.94%, 11/16/26,          
(30-day Avg SOFR + 0.600%)(a)   7,830    7,835,967 
6.08%, 12/15/26   10,740    10,777,959 
6.14%, 12/15/26,          
(30-day Avg SOFR + 0.800%)(a)   552    553,304 
6.19%, 06/15/26,          
(30-day Avg SOFR + 0.850%)(a)   6,902    6,911,695 
Chase Issuance Trust, 3.97%, 09/15/27   14,100    13,937,283 
Citibank Credit Card Issuance Trust, 5.23%,          
12/08/27   3,474    3,486,196 
CNH Equipment Trust          
5.34%, 09/15/26   3,957    3,953,744 
5.42%, 10/15/27   8,186    8,211,472 
5.74%, 10/15/27,          
(30-day Avg SOFR + 0.400%)(a)   7,152    7,153,925 
Ford Credit Auto Lease Trust          
5.18%, 02/15/27   4,507    4,510,163 
5.90%, 02/15/26   5,539    5,542,841 
Ford Credit Auto Owner Trust          
5.40%, 04/15/27   9,253    9,274,511 
5.70%, 01/15/27,          
(30-day Avg SOFR + 0.360%)(a)   8,820    8,819,932 
Honda Auto Receivables Owner Trust          
5.36%, 09/15/26   14,719    14,714,634 
5.41%, 04/15/26   8,907    8,901,022 
Hyundai Auto Lease Securitization Trust          
5.47%, 09/15/25(b)   2,897    2,896,331 
5.51%, 10/15/26(b)   13,770    13,807,744 
5.79%, 10/15/26,          
(30-day Avg SOFR + 0.450%)(a)(b)   6,768    6,768,560 
6.09%, 09/15/25,          
(30-day Avg SOFR + 0.750%)(a)(b)   3,131    3,132,881 
Hyundai Auto Receivables Trust, 5.72%, 06/15/27,          
(30-day Avg SOFR + 0.370%)(a)   8,056    8,056,760 
Mercedes-Benz Auto Lease Trust, 5.24%, 11/17/25   10,769    10,762,131 
Mercedes-Benz Auto Receivables Trust, 5.92%,          
11/16/26   8,305    8,323,210 
Nissan Auto Receivables Owner Trust          
4.50%, 08/15/25   355    354,916 
5.99%, 02/17/26,          
(30-day Avg SOFR + 0.650%)(a)   9,692    9,700,348 
Toyota Auto Receivables Owner Trust          
5.28%, 05/15/26   6,678    6,672,962 
5.69%, 12/15/26,          
(30-day Avg SOFR + 0.350%)(a)   21,830    21,834,252 
5.86%, 05/15/26,          
(30-day Avg SOFR + 0.520%)(a)   6,355    6,357,755 
5.89%, 11/16/26,          
(30-day Avg SOFR + 0.550%)(a)   10,232    10,241,402 
Security   

Par

(000

)   Value 
           
Toyota Lease Owner Trust, 5.74%, 07/20/26,           
(30-day Avg SOFR + 0.400%)(a)(b)   $10,032   $10,035,891 
USAA Auto Owner Trust           
5.25%, 03/15/27(b)    9,116    9,123,977 
5.83%, 07/15/26(b)    3,994    3,995,247 
Volkswagen Auto Lease Trust, 5.87%, 01/20/26    16,589    16,607,558 
            
Total Asset-Backed Securities — 5.6%           
(Cost: $304,594,700)        304,668,260 
       
Certificates of Deposit      
       
Bank of America NA, 5.64%, 02/14/25   12,700    12,702,518 
Bank of Montreal, 5.12%, 06/11/25   28,500    28,581,002 
Bank of Montreal/Chicago IL, 5.64%, 02/18/25,          
(1-day SOFR + 0.260%)(a)   17,250    17,249,655 
Bank of Nova Scotia/Houston          
5.63%, 02/21/25, (1-day SOFR + 0.300%)(a)   35,000    35,011,329 
5.64%, 03/04/25, (1-day SOFR + 0.250%)(a)   14,000    13,999,498 
BNP Paribas SA, 5.83%, 08/08/24   10,860    10,860,677 
BNP Paribas SA/New York, 5.20%, 07/30/25   35,140    35,105,949 
Canadian Imperial Bank of Commerce/New York,          
5.62%, 02/20/25, (1-day SOFR + 0.260%)(a)   25,000    25,007,057 
Credit Agricole Corporate & Investment Bank SA          
5.12%, 06/02/25   15,000    15,041,111 
5.13%, 05/30/25   6,000    6,018,164 
5.55%, 04/11/25   10,310    10,329,486 
Credit Industriel et Commercial          
5.26%, 03/11/25   28,360    28,351,549 
5.55%, 04/14/25   28,370    28,426,759 
Deutsche Bank AG/New York          
5.71%, 03/03/25, (1-day SOFR + 0.330%)(a)   13,000    13,003,276 
5.83%, 05/22/25, (1-day SOFR + 0.400%)(a)   20,000    20,006,398 
HSBC Bank USA NA          
5.65%, 03/12/25, (1-day SOFR + 0.320%)(a)(c)   16,830    16,829,529 
5.96%, 02/20/25, (1-day SOFR + 0.300%)(a)   35,300    35,296,426 
Lloyds Bank Corporate          
5.08%, 07/25/25   15,000    15,003,261 
5.16%, 05/27/25   28,000    28,065,655 
Mitsubishi UFJ Trust & Banking Corp./New York,          
5.45%, 10/11/24, (1-day SOFR + 0.420%)(a)   11,250    11,256,334 
Mizuho Bank Ltd./New York          
5.50%, 08/07/24, (1-day SOFR + 0.170%)(a)   25,000    25,000,340 
5.51%, 11/13/24, (1-day SOFR + 0.230%)(a)   15,000    15,003,360 
5.58%, 11/06/24(a)   35,000    35,009,704 
MUFG Bank Ltd., 5.76%, 08/15/24   18,725    18,726,555 
NATIXIS NY, 5.15%, 05/30/25   34,000    34,096,460 
Sumitomo Mitsui Banking Corp., 5.58%, 10/29/24(a)   12,250    12,253,014 
Sumitomo Mitsui Banking Corp./New York, 5.45%,          
11/07/24, (1-day SOFR + 0.240%)(a)   31,700    31,713,029 
Toronto-Dominion Bank          
5.07%, 07/03/25   15,000    15,044,540 
5.24%, 02/20/25   8,000    7,995,927 
6.00%, 08/26/24   9,890    9,892,673 
6.00%, 09/09/24   16,000    16,006,443 
Wells Fargo Bank NA, 5.67%, 01/30/25,          
(1-day SOFR + 0.340%)(a)   18,000    18,014,559 
Westpac Banking Corp., 5.35%, 01/28/25   14,960    14,962,347 
           
Total Certificates of Deposit — 12.0%          
(Cost: $659,398,692)       659,864,584 

 

1

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF

July 31, 2024 (Percentages shown are based on Net Assets)

 

Security   

Par

(000

)   Value 
           
Commercial Paper          
American Honda Finance Corp.          
5.41%, 08/05/24  $46,030   $45,995,432 
5.54%, 09/16/24   8,000    7,942,556 
5.55%, 09/26/24   8,020    7,950,159 
AstraZeneca PLC, 5.53%, 10/07/24   14,330    14,181,885 
Australia & New Zealand Banking Group Ltd.,          
5.04%, 06/26/25   26,830    25,645,053 
Banco Santander SA, 5.63%, 01/07/25,          
(1-day SOFR + 0.460%)(a)(b)   28,385    28,411,994 
Bank of Nova Scotia (The), 5.57%, 02/06/25,          
(1-day SOFR + 0.290%)(a)(b)   10,000    10,005,007 
Bay Square Funding LLC          
5.61%, 12/02/24, (1-day SOFR + 0.240%)(a)(b)   10,500    10,499,938 
5.62%, 12/10/24   9,000    8,999,499 
5.65%, 01/08/25   15,000    15,000,527 
5.70%, 02/14/25, (1-day SOFR + 0.300%)(a)(b)   18,450    18,450,923 
Bell Telephone Co. of Canada or Bell Canada (The)          
5.42%, 08/02/24   30,000    29,990,974 
5.44%, 08/07/24   19,510    19,489,401 
5.44%, 08/12/24   14,000    13,974,660 
BofA Securities Inc.          
5.15%, 07/25/25   29,270    27,840,271 
5.17%, 06/24/25   20,000    19,099,567 
5.18%, 06/17/25   17,500    16,727,079 
5.19%, 06/06/25   20,000    19,143,711 
BPCE SA          
5.19%, 03/21/25   15,010    14,522,589 
5.39%, 08/01/24(a)(b)   9,950    9,950,046 
5.65%, 02/07/25, (1-day SOFR + 0.300%)(a)(b)   20,000    20,005,140 
Britannia Funding Co. LLC          
5.43%, 09/05/24   10,680    10,622,349 
5.44%, 09/24/24   4,110    4,076,145 
Brookfield BRP Holdings Canada Inc., 5.43%,          
08/06/24   13,000    12,988,238 
Cabot Trail Funding LLC, 5.45%, 10/07/24   12,210    12,085,535 
CDP Financial Inc.          
5.09%, 07/07/25   28,500    27,189,915 
5.14%, 04/28/25   27,000    25,994,190 
5.20%, 03/10/25   14,930    14,465,920 
5.25%, 02/03/25   8,000    7,787,788 
Citigroup Global Markets Inc.          
5.16%, 06/03/25   17,000    16,283,919 
5.43%, 09/23/24   41,480    41,144,883 
Concord Minutemen Capital Co. LLC, 5.35%,          
01/27/25   30,000    30,000,000 
CRH America Finance Inc.          
5.42%, 08/01/24   4,750    4,749,285 
5.45%, 08/12/24   15,750    15,721,414 
5.55%, 09/23/24   5,000    4,958,750 
5.56%, 10/17/24   21,950    21,688,714 
5.56%, 10/25/24   18,250    18,010,593 
DNB Bank ASA, 5.14%, 04/01/25   7,810    7,546,838 
HSBC USA Inc.          
5.26%, 06/06/25   13,220    12,646,783 
5.32%, 02/14/25   15,600    15,156,260 
5.40%, 01/21/25   23,570    22,970,316 
5.45%, 11/27/24   10,330    10,147,060 
Hyundai Capital America, 5.54%, 09/12/24   8,000    7,947,444 
ING U.S. Funding LLC          
5.39%, 10/24/24   28,500    28,141,672 
5.52%, 11/25/24(a)(b)   29,200    29,207,175 
Security   

Par

(000

)   Value 
           
5.64%, 02/10/25, (1-day SOFR + 0.300%)(a)(b)  $25,000   $25,007,851 
Ionic Funding LLC, 5.37%, 08/02/24   44,970    44,956,577 
Keurig Dr. Pepper Inc.          
5.44%, 08/08/24   15,750    15,730,986 
5.44%, 08/09/24   9,000    8,987,771 
LSEGA Financing PLC          
5.44%, 08/12/24   18,250    18,216,968 
5.45%, 08/20/24   12,000    11,963,800 
5.45%, 08/23/24   14,250    14,200,564 
5.47%, 09/19/24   21,750    21,585,969 
5.48%, 09/25/24   15,250    15,121,188 
LVMH Moet Hennessy Louis Vuitton SE, 5.24%,          
01/09/25   31,360    30,636,901 
Macquarie Bank Ltd.          
5.14%, 07/24/25   33,920    32,270,662 
5.14%, 07/29/25   28,400    27,001,745 
5.79%, 06/24/25, (1-day SOFR + 0.400%)(a)(b)   40,400    40,425,175 
Marriott International Inc./MD          
5.53%, 08/29/24   15,000    14,933,444 
5.54%, 08/28/24   9,750    9,708,169 
Marubeni Finance America LLC          
5.55%, 08/05/24   20,750    20,734,013 
5.56%, 08/16/24   20,000    19,950,692 
Matchpoint Finance PLC, 5.40%, 09/16/24   18,580    18,449,876 
Microchip Technology Inc., 5.58%, 08/02/24   15,000    14,995,348 
National Australia Bank Ltd.          
5.62%, 02/18/25, (1-day SOFR + 0.250%)(a)(b)   22,650    22,654,586 
5.62%, 02/21/25, (1-day SOFR + 0.250%)(a)(b)   9,000    9,001,705 
5.65%, 04/02/25   20,000    20,003,756 
National Bank of Canada          
5.14%, 06/05/25   10,000    9,577,125 
5.14%, 06/12/25   15,510    14,840,565 
5.15%, 05/23/25   10,000    9,593,455 
5.17%, 04/30/25   35,000    33,679,313 
NextEra Energy Capital Holdings Inc.          
5.49%, 08/21/24   15,850    15,799,398 
5.51%, 08/27/24   10,500    10,456,758 
5.54%, 09/11/24   11,530    11,456,016 
Nutrien Financial U.S. LLC, 5.51%, 08/01/24   17,000    16,997,401 
NUTRIEN Ltd., 5.49%, 08/12/24   12,000    11,978,067 
Paradelle Funding LLC, 5.16%, 05/30/25   41,000    39,292,459 
Penske Truck Leasing Co. LP          
5.62%, 09/13/24   7,000    6,952,237 
5.63%, 08/26/24   20,000    19,919,034 
5.63%, 10/04/24   13,500    13,364,231 
PFIZER Inc., 5.35%, 09/05/24   7,810    7,768,435 
PPG Industries Inc., 5.42%, 08/02/24   28,000    27,991,564 
SPIRE Inc.          
5.43%, 08/05/24   12,450    12,440,616 
5.46%, 08/14/24   6,430    6,416,369 
5.47%, 08/15/24   4,440    4,429,910 
Swedbank AB, 5.53%, 12/09/24,          
(1-day SOFR + 0.240%)(a)(b)   30,000    30,008,383 
Telstra Group Ltd., 5.55%, 12/17/24   12,510    12,247,355 
TotalEnergies Capital SA, 5.38%, 09/13/24   18,270    18,150,758 
UnitedHealth Group Inc., 5.38%, 09/16/24   30,000    29,790,798 
Vulcan Materials Co., 5.44%, 08/01/24   40,500    40,493,878 
VW Credit Inc.          
5.44%, 08/07/24   5,750    5,743,929 
5.48%, 08/19/24   8,500    8,475,476 
5.49%, 08/22/24   43,750    43,603,593 
5.51%, 08/27/24   16,170    16,103,408 

 

2

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF

July 31, 2024 (Percentages shown are based on Net Assets)

 

Security   

Par

(000

)   Value 
           
Washington Morgan Capital Co. LLC           
5.46%, 08/23/24   $16,000   $15,944,400 
5.60%, 01/17/25    30,000    30,001,020 
Western Union Co. (The)           
5.48%, 08/01/24    4,250    4,249,353 
5.50%, 08/07/24    33,000    32,964,773 
Westpac Securities NZ Ltd./London, 5.62%,           
01/31/25(a)(b)    33,540    33,551,739 
Total Commercial Paper — 33.5%           
(Cost: $1,835,651,581)        1,836,177,159 
       
Corporate Bonds & Notes          
           
Aerospace & Defense — 0.3%          
General Dynamics Corp., 3.50%, 04/01/27   6,265    6,109,423 
Lockheed Martin Corp., 4.95%, 10/15/25   6,195    6,202,362 
RTX Corp., 5.00%, 02/27/26(d)   5,590    5,602,508 
         17,914,293 
Agriculture — 0.7%          
Cargill Inc.          
3.50%, 04/22/25(b)(d)   6,825    6,743,371 
4.88%, 10/10/25(b)(d)   14,235    14,244,148 
Philip Morris International Inc., 5.13%, 11/15/24   16,000    15,980,133 
         36,967,652 
Auto Manufacturers — 6.9%          
American Honda Finance Corp.          
0.75%, 08/09/24   3,235    3,231,459 
5.87%, 01/12/26, (1-day SOFR + 0.500%)(a)   14,260    14,272,734 
5.96%, 08/14/25, (1-day SOFR + 0.600%)(a)(d)   29,460    29,531,500 
6.04%, 01/10/25, (1-day SOFR + 0.670%)(a)(d)   15,000    15,028,434 
BMW U.S. Capital LLC          
0.75%, 08/12/24(b)   2,925    2,920,588 
5.74%, 08/12/24, (1-day SOFR + 0.380%)(a)(b)   19,960    19,960,546 
Daimler Trucks Finance North America LLC          
5.00%, 01/15/27(b)   10,660    10,696,857 
5.20%, 01/17/25(b)   9,295    9,283,008 
5.60%, 08/08/25(b)   10,155    10,193,293 
Hyundai Capital America          
1.00%, 09/17/24(b)   14,408    14,321,003 
5.25%, 01/08/27(b)   12,500    12,576,758 
5.45%, 06/24/26(b)   8,765    8,834,527 
5.80%, 06/26/25(b)   7,590    7,623,650 
5.95%, 09/21/26(b)(d)   15,400    15,671,127 
6.25%, 11/03/25(b)(d)   15,600    15,802,160 
6.51%, 08/04/25, (1-day SOFR + 1.150%)(a)(b)   14,525    14,596,798 
Mercedes-Benz Finance North America LLC          
4.88%, 07/31/26(b)   13,690    13,719,787 
4.90%, 01/09/26(b)(d)   15,240    15,260,874 
5.38%, 08/01/25(b)   15,290    15,329,761 
6.04%, 01/09/26, (1-day SOFR + 0.670%)(a)(b)   15,240    15,287,298 
Toyota Motor Credit Corp.          
3.65%, 08/18/25   13,145    12,977,556 
4.40%, 09/20/24   15,000    14,970,843 
5.20%, 05/15/26   13,955    14,084,464 
5.66%, 09/13/24, (1-day SOFR + 0.290%)(a)   12,000    12,001,464 
5.85%, 08/22/24, (1-day SOFR + 0.520%)(a)   15,110    15,113,201 
5.90%, 10/16/24, (1-day SOFR + 0.550%)(a)(d)   23,010    23,028,334 
Volkswagen Group of America Finance LLC          
5.80%, 09/12/25(b)   10,000    10,065,301 
6.20%, 03/20/26, (1-day SOFR + 0.830%)(a)(b)(d)   14,160    14,230,764 
         380,614,089 
Security   

Par

(000

)   Value 
           
Auto Parts & Equipment — 0.1%      
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25  $3,275   $3,215,436 
           
Banks — 16.1%          
Australia & New Zealand Banking Group Ltd.          
4.83%, 02/03/25(b)   14,970    14,928,809 
5.09%, 12/08/25   10,810    10,858,940 
6.12%, 07/03/25, (1-day SOFR + 0.750%)(a)(b)(d)   14,655    14,715,293 
Australia & New Zealand Banking Group          
Ltd./New York          
4.75%, 01/18/27(d)   15,240    15,323,640 
5.67%, 10/03/25   15,000    15,143,299 
Bank of Montreal/Chicago, 5.63%, 02/11/25,          
(1-day SOFR + 0.300%)(a)   29,450    29,463,326 
Bank of New York Mellon (The), 5.82%, 03/13/26,          
(1-day SOFR + 0.450%)(a)   9,135    9,139,019 
Banque Federative du Credit Mutuel SA          
4.94%, 01/26/26(b)   17,400    17,380,609 
5.09%, 01/23/27(b)   15,260    15,325,128 
Barclays Bank PLC/New York, 5.71%, 02/06/25,          
(1-day SOFR + 0.380%)(a)   28,470    28,493,545 
BPCE SA          
5.10%, 01/26/26(b)(d)   15,230    15,166,127 
5.20%, 01/18/27(b)   9,455    9,518,802 
Citibank NA          
5.49%, 12/04/26   15,380    15,618,700 
6.07%, 08/06/26, (1-day SOFR + 0.708%)(a)   8,400    8,402,520 
6.17%, 09/29/25, (1-day SOFR + 0.805%)(a)   15,440    15,504,169 
Citigroup Inc., 3.11%, 04/08/26,          
(1-day SOFR + 2.842%)(a)   11,310    11,129,540 
Commonwealth Bank of Australia, 6.11%, 03/14/25,          
(1-day SOFR + 0.740%)(a)(b)   13,580    13,618,839 
Commonwealth Bank of Australia/New York          
5.08%, 01/10/25(d)   17,800    17,778,025 
5.50%, 09/12/25   15,210    15,323,685 
Cooperatieve Rabobank UA/New York          
3.88%, 08/22/24   16,800    16,782,215 
5.50%, 07/18/25(d)   15,300    15,366,155 
Deutsche Bank AG/New York, 4.16%, 05/13/25(d)   6,905    6,850,908 
Goldman Sachs Bank USA/New York          
5.28%, 03/18/27, (1-day SOFR +0.777%)(a)(d)   14,180    14,236,261 
6.14%, 03/18/27, (1-day SOFR + 0.770%)(a)   14,180    14,179,248 
JPMorgan Chase & Co.          
2.08%, 04/22/26, (1-day SOFR + 1.850%)(a)   41,385    40,431,123 
5.55%, 12/15/25, (1-day SOFR + 1.070%)(a)   18,135    18,142,653 
JPMorgan Chase Bank NA, 5.11%, 12/08/26   12,000    12,105,688 
KeyBank NA, 4.70%, 01/26/26   3,275    3,237,600 
KeyBank NA/Cleveland OH, 4.15%, 08/08/25(d)   5,370    5,300,473 
Macquarie Bank Ltd., 5.39%, 12/07/26(b)   6,210    6,291,928 
Mitsubishi UFJ Financial Group Inc.          
1.41%, 07/17/25   14,200    13,701,827 
5.06%, 09/12/25, (1-year CMT + 1.550%)(a)   15,675    15,662,756 
5.72%, 02/20/26, (1-year CMT + 1.080%)(a)   12,775    12,801,207 
Morgan Stanley, 1.16%, 10/21/25,          
(1-day SOFR + 0.560%)(a)   10,343    10,237,819 
Morgan Stanley Bank NA, 5.48%, 07/16/25   7,520    7,539,003 
National Australia Bank Ltd., 5.92%, 01/29/26,          
(1-day SOFR + 0.550%)(a)(b)(d)   15,220    15,239,520 
National Australia Bank Ltd./New York          
4.75%, 12/10/25   10,290    10,285,959 
4.97%, 01/12/26   17,800    17,843,969 
5.20%, 05/13/25   13,305    13,317,093 

 

3

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF

July 31, 2024 (Percentages shown are based on Net Assets)

 

Security   

Par

(000

)   Value 
           
Banks (continued)      
National Securities Clearing Corp., 5.15%,      
05/30/25(b)(d)  $5,105   $5,098,650 
NatWest Markets PLC, 0.80%, 08/12/24(b)   10,119    10,104,210 
Nordea Bank Abp          
3.60%, 06/06/25(b)   10,665    10,522,769 
4.75%, 09/22/25(b)   16,900    16,867,727 
PNC Financial Services Group Inc. (The), 5.67%,          
10/28/25, (1-day SOFR + 1.090%)(a)   15,526    15,527,805 
Societe Generale SA, 4.35%, 06/13/25(b)   15,000    14,871,294 
Sumitomo Mitsui Financial Group Inc., 5.46%,          
01/13/26   17,800    17,915,125 
Sumitomo Mitsui Trust Bank Ltd.          
0.80%, 09/16/24(b)   12,000    11,924,237 
2.55%, 03/10/25(b)(d)   10,000    9,831,983 
5.65%, 09/14/26(b)   12,000    12,192,119 
5.81%, 09/16/24, (1-day SOFR + 0.440%)(a)(b)   15,000    15,003,900 
Sumitomo Mitsui Trust Bank Ltd./New York, 5.51%,          
08/01/24, (1-day SOFR + 0.180%)(a)   14,750    14,750,031 
Svenska Handelsbanken AB, 3.65%, 06/10/25(b)(d)   15,900    15,701,058 
UBS AG, 6.30%, 09/11/25,          
(1-day SOFR + 0.930%)(a)   8,000    8,050,440 
UBS AG/London          
0.70%, 08/09/24(b)   4,330    4,325,085 
1.38%, 01/13/25(b)(d)   6,970    6,843,565 
5.80%, 09/11/25   8,000    8,065,556 
5.81%, 08/09/24, (1-day SOFR + 0.450%)(a)(b)   8,470    8,470,330 
UBS Group AG, 4.49%, 08/05/25,          
(1-year CMT + 1.600%)(a)(b)   8,810    8,809,215 
Wells Fargo Bank NA          
4.81%, 01/15/26   15,250    15,252,719 
5.55%, 08/01/25   15,230    15,310,690 
6.08%, 01/15/26, (1-day SOFR + 0.710%)(a)   15,250    15,306,700 
Westpac Banking Corp.          
1.02%, 11/18/24   3,550    3,503,672 
5.35%, 10/18/24   17,600    17,593,422 
5.66%, 11/18/24, (1-day SOFR + 0.300%)(a)(d)   23,886    23,889,583 
6.08%, 11/17/25, (1-day SOFR + 0.720%)(a)   15,440    15,510,390 
         883,627,695 
Beverages — 0.5%          
PepsiCo Inc.          
5.25%, 11/10/25   15,440    15,566,768 
5.76%, 11/12/24, (1-day SOFR + 0.400%)(a)   11,665    11,673,138 
         27,239,906 
Chemicals — 0.5%          
Linde Inc./CT, 4.80%, 12/05/24(d)   17,700    17,672,216 
Sherwin-Williams Co. (The), 4.05%, 08/08/24   7,310    7,307,291 
         24,979,507 
Computers — 0.3%          
Hewlett Packard Enterprise Co., 5.90%, 10/01/24   15,400    15,401,908 
           
Cosmetics & Personal Care — 0.1%          
Unilever Capital Corp., 0.63%, 08/12/24   5,975    5,965,269 
           
Diversified Financial Services — 0.9%          
American Express Co.          
6.12%, 04/23/27, (1-day SOFR + 0.750%)(a)(d)   13,960    13,976,742 
6.30%, 03/04/25, (1-day SOFR + 0.930%)(a)(d)   8,235    8,264,889 
6.34%, 10/30/26, (1-day SOFR + 1.330%)(a)   15,700    15,929,793 
CDP Financial Inc., 4.50%, 02/13/26(b)   9,219    9,197,936 
         47,369,360 
Security   

Par

(000

)   Value 
           
Electric — 2.0%          
Florida Power & Light Co., 4.45%, 05/15/26(d)  $7,965   $7,933,770 
National Rural Utilities Cooperative Finance Corp.          
6.06%, 05/07/25, (1-day SOFR + 0.700%)(a)   15,580    15,646,153 
Series D, 5.70%, 10/18/24,          
(1-day SOFR + 0.330%)(a)   5,000    5,001,669 
NextEra Energy Capital Holdings Inc.          
4.26%, 09/01/24   28,679    28,629,560 
6.05%, 03/01/25   11,420    11,467,091 
6.13%, 01/29/26, (1-day SOFR + 0.760%)(a)(d)   15,380    15,443,174 
WEC Energy Group Inc.          
4.75%, 01/09/26   10,000    9,969,824 
5.00%, 09/27/25(d)   7,465    7,457,748 
Wisconsin Public Service Corp., 5.35%, 11/10/25   8,520    8,565,047 
         110,114,036 
Electronics — 0.2%          
Amphenol Corp.          
4.75%, 03/30/26   2,840    2,838,126 
5.05%, 04/05/27(d)   5,800    5,861,841 
         8,699,967 
Environmental Control — 0.2%          
Waste Management Inc., 4.95%, 07/03/27(d)   9,390    9,501,439 
           
Food — 1.3%          
Nestle Holdings Inc.          
0.61%, 09/14/24(b)(d)   35,000    34,784,475 
4.00%, 09/12/25(b)(d)   17,000    16,871,209 
Walmart Inc., 3.90%, 09/09/25   20,000    19,828,422 
         71,484,106 
Health Care - Products — 0.2%          
Thermo Fisher Scientific Inc., 5.00%, 12/05/26(d)   10,000    10,103,484 
           
Health Care - Services — 0.6%          
Roche Holdings Inc., 5.27%, 11/13/26(b)   13,170    13,364,957 
UnitedHealth Group Inc.          
4.75%, 07/15/26(d)   3,995    4,008,107 
5.00%, 10/15/24(d)   17,600    17,579,142 
         34,952,206 
Insurance — 3.0%          
MassMutual Global Funding II          
4.15%, 08/26/25(b)   7,302    7,241,787 
6.35%, 07/10/26, (1-day SOFR + 0.980%)(a)(b)   15,252    15,379,440 
Metropolitan Life Global Funding I, 5.00%,          
01/06/26(b)   10,000    10,019,518 
New York Life Global Funding          
3.60%, 08/05/25(b)   16,500    16,266,321 
5.95%, 01/16/26, (1-day SOFR + 0.580%)(a)(b)(d)   25,000    25,100,000 
6.07%, 06/13/25, (1-day SOFR + 0.700%)(a)(b)(d)   18,500    18,571,419 
Northwestern Mutual Global Funding          
4.00%, 07/01/25(b)   16,300    16,148,443 
6.07%, 06/13/25, (1-day SOFR + 0.700%)(a)(b)(d)   15,400    15,447,476 
Pacific Life Global Funding II, 6.23%, 06/16/25,          
(1-day SOFR + 0.860%)(a)(b)   14,705    14,772,698 
Principal Life Global Funding II          
0.75%, 08/23/24(b)   660    658,070 
5.75%, 08/23/24, (1-day SOFR + 0.380%)(a)(b)   635    635,089 
Protective Life Global Funding          
4.99%, 01/12/27(b)   15,250    15,329,421 
5.37%, 01/06/26(b)   10,000    10,057,046 
         165,626,728 

 

4

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF

July 31, 2024 (Percentages shown are based on Net Assets)

 

Security   

Par

(000

)   Value 
           
Internet — 0.5%           
Amazon.com Inc., 3.00%, 04/13/25   $10,000   $9,862,224 
eBay Inc., 5.90%, 11/22/25(d)    17,600    17,777,382 
          27,639,606 
Machinery — 2.0%           
Caterpillar Financial Services Corp.           
4.35%, 05/15/26(d)    15,800    15,728,428 
5.64%, 09/13/24, (1-day SOFR + 0.270%)(a)(d)    15,620    15,621,417 
5.81%, 11/14/24, (1-day SOFR + 0.450%)(a)(d)    15,570    15,583,275 
John Deere Capital Corp.           
3.40%, 06/06/25    10,390    10,254,198 
4.80%, 01/09/26(d)    17,800    17,834,415 
4.95%, 06/06/25(d)    7,020    7,017,062 
5.57%, 10/11/24, (1-day SOFR + 0.200%)(a)(d)    14,290    14,292,415 
5.85%, 10/22/25, (1-day SOFR + 0.480%)(a)(d)    15,240    15,266,621 
          111,597,831 
Media — 0.1%           
Comcast Corp., 5.25%, 11/07/25    2,950    2,967,572 
            
Pharmaceuticals — 1.0%           
Bristol-Myers Squibb Co., 5.86%, 02/20/26,           
(1-day SOFR + 0.490%)(a)(d)    8,820    8,853,250 
Merck & Co. Inc., 2.75%, 02/10/25    17,000    16,771,000 
Pfizer Investment Enterprises Pte Ltd., 4.65%,           
05/19/25(d)    31,500    31,405,444 
          57,029,694 
Pipelines — 0.7%           
Enterprise Products Operating LLC, 5.05%,           
01/10/26(d)    12,365    12,416,922 
TransCanada PipeLines Ltd., 1.00%, 10/12/24    27,205    26,937,758 
          39,354,680 
Real Estate Investment Trusts — 0.2%           
Public Storage Operating Co., 5.97%, 07/25/25, (1-day SOFR + 0.600%)(a)(d)    11,250    11,287,565 
            
Retail — 0.9%           
Home Depot Inc. (The)           
4.00%, 09/15/25    5,170    5,124,989 
5.15%, 06/25/26(d)    12,655    12,786,382 
Lowe’s Companies Inc.           
4.40%, 09/08/25    11,510    11,428,018 
4.80%, 04/01/26    6,660    6,655,400 
Starbucks Corp., 4.85%, 02/08/27(d)    14,940    15,017,627 
          51,012,416 
Semiconductors — 0.3%           
Analog Devices Inc., 5.62%, 10/01/24,           
(1-day SOFR + 0.250%)(a)(d)    15,330    15,331,828 
            
Software — 0.2%           
Intuit Inc., 5.25%, 09/15/26    11,165    11,327,239 
            
Total Corporate Bonds & Notes — 39.8%           
(Cost: $2,178,042,390)        2,181,325,512 
       
Municipal Debt Obligations          
           
Illinois — 0.1%          
State of Illinois GO, 5.25%, 05/01/25   5,865    5,859,215 
Security   

Par

(000

)   Value 
           
New York — 0.0%      
Taxable Municipal Funding Trust RB      
VRDN, 5.63%, 09/04/24(b)(e)  $625   $625,000 
VRDN, 5.63%, 09/04/24(b)(e)   1,240    1,240,000 
         1,865,000 
Total Municipal Debt Obligations — 0.1%          
(Cost $7,730,000)        7,724,215 
       
Repurchase Agreements(a)(f)          
           
Bank of America Securities Inc., 5.44%, 08/01/24          
(Purchased on 07/31/24 to be repurchased at          
$10,001,511, collateralized by non-agency          
mortgage-backed security, 3.59% to 7.92%, due          
08/15/31 to 08/15/41, par and fair value of          
$24,543,596 and $10,798,823, respectively)   10,000    10,000,000 
Bank of America Securities Inc., 5.64%, 08/01/24          
(Purchased on 07/31/24 to be repurchased at          
$54,758,578, collateralized by non-agency          
mortgage-backed security, 1.17% to 7.02%, due          
07/15/25 to 09/25/58, par and fair value of          
$102,449,789 and $58,393,195, respectively)   54,750    54,750,000 
Bank of America Securities Inc., 5.82%, 08/01/24          
(Purchased on 07/31/24 to be repurchased at          
$10,001,617, collateralized by non-agency          
mortgage-backed security, 2.31% to 6.65%, due          
12/15/24 to 02/15/33, par and fair value of          
$10,731,920 and $10,471,193, respectively)   10,000    10,000,000 
BNP Paribas, 5.70%, 08/01/24 (Purchased on          
07/31/24 to be repurchased at $36,755,819,          
collateralized by non-agency mortgage-backed          
security, 1.85% to 10.50%, due 12/01/24 to          
01/01/2999, par and fair value of $41,128,002          
and $39,757,341, respectively)   36,750    36,750,000 
Citigroup Global Markets Inc, 5.64%, 08/01/24          
(Purchased on 07/31/24 to be repurchased at          
$9,001,410, collateralized by non-agency          
mortgage-backed security, 6.08% to 7.39%, due          
01/21/31 to 05/17/56, par and fair value of          
$12,223,803 and $10,298,136, respectively)   9,000    9,000,000 
Citigroup Global Markets Inc, 5.66%, 08/01/24          
(Purchased on 07/31/24 to be repurchased at          
$12,001,887, collateralized by non-agency          
mortgage-backed security, 2.50% to 6.81%, due          
10/15/38 to 12/25/53, par and fair value of          
$19,910,370 and $13,751,558, respectively)   12,000    12,000,000 
Deutsche Bank, 5.77%, 08/01/24 (Purchased on          
07/31/24 to be repurchased at $30,004,808,          
collateralized by non-agency mortgage-backed          
security, 3.13% to 9.61%, due 04/15/25 to          
01/01/2999, par and fair value of $31,547,000          
and 30,974,679, respectively)   30,000    30,000,000 
Goldman Sachs & Co. LLC, 5.85%, 08/01/24          
(Purchased on 07/31/24 to be repurchased at          
$90,014,625, collateralized by non-agency          
mortgage-backed security, 1.36% to 9.85%, due          
10/09/26 to 08/19/38, par and fair value of          
$106,873,489 and 94,210,615, respectively)   90,000    90,000,000 

 

5

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF

July 31, 2024 (Percentages shown are based on Net Assets)

 

Security   

Par

(000

)   Value 
           
Mizuho Securities USA Inc, 5.77%, 08/01/24           
(Purchased on 08/31/24 to be repurchased at           
$6,000,962, collateralized by non-agency           
mortgage-backed security, 5.74% to 6.66%, due           
07/18/34 to 07/25/36, par and fair value of           
$246,073,787 and $6,286,492, respectively)   $6,000   $6,000,000 
Mizuho Securities USA Inc, 5.87%, 08/01/24           
(Purchased on 07/31/24 to be repurchased at           
$30,004,892, collateralized by non-agency           
mortgage-backed security, 2.92% to 5.22%, due           
06/15/29 to 07/25/49, par and fair value of           
$35,359,000 and $32,960,276, respectively)    30,000    30,000,000 
Morgan Stanley, 5.88%, 08/01/24 (Purchased on           
07/31/24 to be repurchased at $35,005,717,           
collateralized by non-agency mortgage-backed           
security, 3.25% to 7.75%, due 04/25/29 to           
10/12/52, par and fair value of $159,799,230 and           
$38,971,639, respectively)    35,000    35,000,000 
Wells Fargo Securities, 5.73%, 08/01/24 (Purchased           
on 07/31/24 to be repurchased at $90,014,325,           
collateralized by non-agency mortgage-backed           
security, 0.00% to 8.26%, due 08/15/24 to           
01/25/64, par and fair value of $107,103,623 and           
$95,978,082, respectively)    90,000    90,000,000 
            
Total Repurchase Agreements — 7.6%           
(Cost: $413,500,000)        413,500,000 
       
U.S. Government Obligations          
           
U.S. Government Obligations — 1.7%          
U.S. Treasury Note/Bond          
1.63%, 02/15/26   11,860    11,366,605 
4.75%, 07/31/25   30,890    30,895,551 
4.88%, 11/30/25   21,000    21,082,031 
5.00%, 08/31/25   15,530    15,573,071 
5.00%, 09/30/25   15,500    15,557,520 
           
Total U.S. Government Obligations — 1.7%          
(Cost: $94,041,434)       94,474,778 
Security   Shares

   Value 
           
Money Market Funds          
           
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.45%(g)(h)(i)   66,173,445   $66,199,914 
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(g)(h)   29,490,000    29,490,000 
           
Total Money Market Funds — 1.7%          
(Cost: $95,672,801)       95,689,914 
           
Total Investments — 102.0%          
(Cost: $5,588,631,598)       5,593,424,422 
           
Liabilities in Excess of Other Assets — (2.0)%       (111,261,108)
           
Net Assets — 100.0%      $5,482,163,314 

 

(a)Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b)Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c)This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(d)All or a portion of this security is on loan.

(e)Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

(f)Maturity date represents next reset date.

(g)Affiliate of the Fund.

(h)Annualized 7-day yield as of period end.

(i)All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   

Value at
10/31/23

   

Purchases

at Cost

    

Proceeds

from Sales

    

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

07/31/24

 

Shares

Held at

07/31/24

   Income    

Capital

Gain

Distributions

from

Underlying

Funds

 
BlackRock Cash Funds: Institutional, SL Agency Shares  $123,152,749  $—   $(56,952,889)(a)  $8,531  $(8,477)  $66,199,914  66,173,445  $129,463(b)  $— 
BlackRock Cash Funds: Treasury, SL  Agency Shares   —   29,490,000(a)   —    —   —    29,490,000  29,490,000   375,095    — 
                 $8,531  $(8,477)  $95,689,914     $504,558   $— 

 

(a)Represents net amount purchased (sold).

(b)All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

 

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Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF

July 31, 2024

 

Fair Value Hierarchy as of Period End

 

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

●Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

●Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

●Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

 

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

 

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

  

    Level 1    Level 2    Level 3    Total 
Assets                    
Investments                    
Long-Term Investments                    
Asset-Backed Securities  $—   $304,668,260   $—   $304,668,260 
Certificates of Deposit   —    659,864,584    —    659,864,584 
Commercial Paper   —    1,836,177,159    —    1,836,177,159 
Corporate Bonds & Notes   —    2,181,325,512    —    2,181,325,512 
Municipal Debt Obligations   —    7,724,215    —    7,724,215 
Repurchase Agreements   —    413,500,000    —    413,500,000 
U.S. Government & Agency Obligations   —    94,474,778    —    94,474,778 
Short-Term Securities                    
Money Market Funds   95,689,914    —    —    95,689,914 
   $95,689,914   $5,497,734,508   $—   $5,593,424,422 

 

Portfolio Abbreviation

 

CMT Constant Maturity Treasury
GO General Obligation
RB Revenue Bond
SOFR Secured Overnight Financing Rate

 

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